How Texas Attracts Big Business and California Billionaires

Texas is experiencing a boom that began long before its power grid was decimated by the historic February winter storm.

The Governor’s Office of Tourism and Economic Development said in September that there has been a “tremendous increase” in companies approaching since the pandemic hit, with 237 relocation or expansion projects currently in the works.

Oracle moved its headquarters to Austin, Texas, late last year. Tesla is also building its new Gigafactory there, and Apple will host its second-largest campus in the Texas capital. This influx of Big Tech has generated buzz about Texas potentially becoming a business hub that could rival Silicon Valley.

CBRE and Charles Schwab moved their headquarters from California to the Dallas area in recent months, and Hewlett Packard Enterprise is heading to Houston. Texas has also attracted wealthy people like Joe rogan, Elon Musk, Dropbox CEO Drew Houston, and Palantir Co-Founder Joe Lonsdale.

But it’s not just big business and the wealthy who are moving to Texas. In 2020, Texas added more residents than any other state. This occurs when California’s population and job growth have slowed to a minimum.

Watch the video above to hear from Texas relocators and longtime Texans about the reasons behind the trend and what it could mean for the future of the state.


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